Governor Perdue Introduces Senior Income Tax Credit
|Monday, January 29, 2007||
Contact: Office of Communications 404-651-7774
ATLANTA – Governor Sonny Perdue announced today that a bill has been introduced that will completely eliminate state income tax on retirement income of Georgians 65 and older by the year 2013.
The bill will be sponsored in the legislature by State Representatives Rich Golick and Larry O'Neal. Once completely phased in, the Senior Income Tax Credit will result in $142 million a year in tax relief and adds to the over $2 billion in tax relief that the Governor has delivered since taking office in 2003.
"This tax cut will allow seniors to better cover the costs of prescription drugs and healthcare, or spend more time with their families," said Governor Perdue. "It will help attract retirees to our state and make our economy even stronger."
In 2003, Governor Perdue and the Georgia General Assembly began a gradual tax relief package for Georgia's seniors. While on the campaign trail last fall, Governor Perdue promised to accelerate and deepen the tax cuts so that all retirement income will be tax free for seniors.
"Governor Perdue's common sense tax relief will continue to grow our state and give our seniors a more comfortable retirement," said State Representative Rich Golick, one of Governor Perdue's floor leaders in the State House. "It will keep retired Georgians in our state."